Chapter 1 by DR Hasrol Haffiz Flashcards - Knowt

1/11/24, 7:52 AM Chapter 1 by Dr Hasrol Haffiz Flashcards | Knowt
Chapter 1 by Dr Hasrol Haffiz

Refers to activities involving real estate or
landed property, including valuation processes,
property development, construction industries,
Estate Management
project management, and other activities related
to improving or changing the physical aspects of
landed property.
A person responsible for giving professional

opinions and advice regarding the value and
Valuer
development of landed property for specific
purposes.
A broad term for property, including vacant

land, land and buildings used for residential,
Real Estate
commercial, industrial, recreational, agricultural,
and business purposes.
Refers to the rights of real estate, such as the

right to sell or use the property, which can be
Real Property
enforced by law and may be limited by
government regulations and private restrictions.
A professional institution representing the

surveying profession in Malaysia, consisting of
Royal Institution of Surveyors, Malaysia (RISM) divisions such as Land Surveying, Quantity
Surveying, Building Surveying, and Property
Consultancy and Valuation Surveying (PCVS).
Refers to Valuation Surveying or valuer, a person

responsible for giving opinions and professional
PCVS
advice regarding the value and future prospects
of landed properties for specific purposes.
A professional surveyor who carries out the

valuation, marketing, and management of
Surveyor (General Practice)
residential, commercial, and industrial properties
for occupation or investment.
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A qualified person who determines the value of

Valuer/Appraisal a property based on their knowledge of the
area, property type, and historical sales.
The estimation of the capital or rental value of

Valuation
land and buildings at a certain time.
Involves negotiating on behalf of clients for the

purchase, sale, or leasing of property, arranging
Estate Agency Practice
capital borrowing by mortgage, and advising on
market and rental values of property.
Involves managing buildings owned by

Property Management registered owners, including maintenance and
satisfying the owner's requirements.
Determines the economic consequences of land

use or development, taking into account
Land Economist financial and planning considerations, and
provides advice on the administration and use
of land and property.
Prepared by a valuer to determine the suitability

Feasibility Study Report of land for future development, often required
by investment corporations or developers.
A professional who provides valuation services

for land and buildings, including determining
Valuer
market value for various purposes such as
selling, renting, or obtaining a mortgage.
A valuer who specializes in property

management, responsible for managing and
Property Manager
maintaining buildings on behalf of the property
owner.
A property manager who specifically manages

rental properties, including tasks such as
Real Estate Property Manager inspecting properties, arranging maintenance
and repairs, collecting rent, and advertising
vacant premises.
Estate Agent A valuer who acts as a middleman between

sellers/landlords and potential buyers/tenants,
assisting in the sale or lease of properties and
using marketing techniques to promote the

property.
A valuer who coordinates the work of various
consultants in construction projects, ensuring
Project Manager
that the client's objectives and requirements are
met.
Services provided by a valuer that involve

feasibility studies, financial analysis, and
Consultancy development appraisals to assess the expected
demand, return, and marketability of
development projects.
A valuer who provides advice on the

administration and use of land and property,
Land Economist
including sales, leasing, marketing, and
investment strategies.
Government entities and agencies at the

central/federal, state, and local levels that are
Public Sector
involved in property valuation, management,
and related services.
Non-governmental entities such as valuation

firms, property management firms, real estate
Private Sector firms, housing developers, and corporate bodies
that offer career opportunities in estate
management.
Valuation services provided by government

departments and agencies for purposes such as
Statutory Valuation
land acquisitions, tax assessments, stamp duty,
and loan applications.
Valuation services provided by private valuers

Non-Statutory Valuation for purposes such as sales, purchases, rentals,
and property management.
A valuation service provided by local authorities

Rating Assessment to assess the value of properties for the purpose
of determining property taxes.
Valuation services related to the assessment of

Plant and Machineries the value of machinery and equipment used in
various industries.
A government agency involved in valuation for

Federal Government government purposes, such as property
taxations and land acquisition.
City Councils or Municipal Councils responsible

Local Authorities for valuation and property management in their
respective areas.
Government agencies or statutory bodies that

employ valuers for property management,
Government Agencies/Statutory Bodies
property investment analysis, and valuation
purposes.
Agencies set up by private operators or

shareholders for business purposes, including
Private Sector
sole proprietorships, partnerships, and private
limited companies.
Firms where valuers carry out valuation exercises

for non-statutory valuation purposes, such as
Valuation Firms
determining market value for capital or rental
value.
Firms that manage residential and commercial

Property Management Firms buildings, often established by Registered
Property Managers.
Firms set up by Registered Estate Agents to

provide professional advice to vendors,
Real Estate Firms
purchasers, lessors, and lessees in real estate
transactions.
Companies that provide professional advice and

Real estate firms services related to the sale, purchase, and
tenancy of landed properties.
Companies that are involved in the development

Property development firms of projects, and valuers can work as project
managers in these firms.
Organizations with a strong financial standing

that have multiple departments and investment
Corporate bodies
portfolios, including property management,
property investment, and project management.
Companies set up by the government, where the

government owns a majority of shares. GLCs are
Government Linked Company (GLC)
involved in production industries such as
manufacturing and services.
Valuation carried out in collaboration with

written laws, including purposes such as land
Statutory valuation
acquisition, estate duty, real property gains tax,
stamp duty, and rating assessment.
Valuation carried out without any written law,

based on client requests. Examples include
Non-statutory valuation valuation for sale and purchase, fire insurance,
Securities Commission declaration, mortgage
valuation, and rental valuation.
A valuation exercise instructed by a financial

institution to determine a reserved price for a
Auction/Foreclosure property that can be sold at a public auction,
typically when the owner has failed to pay their
loan instalments.
A regulatory body established in 1981 under the

The Board of Valuers, Appraisers and Estate Ministry of Finance, Malaysia, responsible for
Agents, Malaysia regulating valuers, appraisers, and estate agents
in Malaysia.
Professionals who have passed a professional

interview conducted by the Board and are
Registered Valuers, Appraisers, and Estate registered under the Valuers, Appraisers, and
Agents Estate Agents Act 1981. They can practice
valuation, property management, or property
consultancy.
The process of determining the value of real

estate for various purposes such as financing,
Valuation
acquisition, taxation, investment, securitization,
market studies, etc.
Appraisers Professionals registered under Part V of the Act

with long experience and earlier registration
under various Appraisers Acts. They can practice
valuation and property management, but their
practice is restricted by geographical areas and

Professionals
value. registered under the Board who
provide services in buying, selling, and leasing
Estate Agents
properties for clients to achieve optimum
returns.
Currently, only registered valuers can practice as

property managers. They ensure that the owner
gets the best returns on their property
Property Management
investment by maintaining the building,
managing expenses, optimizing usage, and
advising on lease renewals and tenant selection.
Defined as the surface of the earth, substances

forming the surface, earth below the surface,
Land
vegetation, things attached to the earth, and
land covered by water.
A document conferring legal right to ownership

Land Title
of property, issued by the state authority.
The process of transferring ownership of land,

Alienation of Land subject to payment of premium, specific land
use category, and leasehold or freehold terms.
Documents regarding the title of alienated land

Register Document of Title (RDT) kept at the issuing office (Registry or land
office).
Documents regarding the title of alienated land

Issue Document of Title (IDT)
issued to the owner.
Land title registered in the Registrar's Office,

Registry Title typically for town land, village land, and country
land with an area more than 4 hectares.
Land title registered in the Land Office, typically

Land Office Title
for specific districts.
Country land Land with an area less than 4 hectares.
Land that has been approved for transfer of

Land approved for alienation ownership under the Land Act (Group
Settlement Area 1960).
A title issued after the initial alienation of land

by the State Government, subdivision, or
Qualified Title
amalgamation of land. The actual area and
boundaries of the land are still tentative.
A title issued only after a final survey has been

Final Title done to determine the exact area and boundary
marks of the land.
Different categories of land titles issued by the

Land Office Titles Land Office, including Freehold and Leasehold
titles.
Freehold Interest Ownership of land for perpetuity.
Ownership of land for a specific term, such as

Leasehold Interest
30, 60, or 99 years, with the option for renewal.
The approved use of the land, which can be

Land Use Category
categorized as Agriculture, Building, or Industry.
Conditions of land use implied in the approved

Implied Condition category of land use, not stated in the title
document.
Conditions of land use specifically stated in the

Express Conditions
title document.
Limitations imposed by the state authority on

the powers conferred to the landowner, such as
Restrictions-in-interests
restrictions on subdivision, partition, or
amalgamation of land.
A title document issued or registered as a

Title in Continuation
continuation of another land title document.
A title issued for a parcel or a provisional block

Strata Title of a subdivided building, governed by the Strata
Title Act 1985.
A corporate organization established under the

Strata Title Act 1985, responsible for the
Management Corporation (MC)
management and maintenance of common
areas in a strata development.
Refers to tenureship of land for perpetuity,

where the registered owner has the right to
Freehold interest
utilize the land forever, subject to conditions
stated in the document title.
Refers to tenureship of land for a limited term,

with two types:leasehold interest subject to the
alienation of land by the state authority for a
Leasehold interest
term of 30 years, 60 years, and 99 years, and
leasehold interest for landed property leased or
rented out to the lessee or tenant.
Attributes of land such as slope, attitude, shape,

Physical characteristics
soil, and dimensions.
Refers to the size or quantity of space occupied

Space by land, which is fixed and important for
understanding its economic utility.
Land cannot be created or destroyed, and its

Indestructibility processes are long run and different from other
economic activities.
Land is fixed at the earth's surface and cannot

Immobility
be moved or removed elsewhere.

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1/11/24, 7:52 AM Chapter 1 by Dr Hasrol Haffiz Flashcards | Knowt

Chapter 1 by Dr Hasrol Haffiz

A person responsible for giving professional

A broad term for property, including vacant

Refers to the rights of real estate, such as the

A professional institution representing the

Refers to Valuation Surveying or valuer, a person

A professional surveyor who carries out the

A qualified person who determines the value of

The estimation of the capital or rental value of

Involves negotiating on behalf of clients for the

Involves managing buildings owned by

Determines the economic consequences of land

Prepared by a valuer to determine the suitability

A professional who provides valuation services

A valuer who specializes in property

A property manager who specifically manages

Estate Agent A valuer who acts as a middleman between

using marketing techniques to promote the

Services provided by a valuer that involve

A valuer who provides advice on the

Government entities and agencies at the

Non-governmental entities such as valuation

Valuation services provided by government

Valuation services provided by private valuers

A valuation service provided by local authorities

Valuation services related to the assessment of

A government agency involved in valuation for

City Councils or Municipal Councils responsible

Government agencies or statutory bodies that

Agencies set up by private operators or

Firms where valuers carry out valuation exercises

Firms that manage residential and commercial

Firms set up by Registered Estate Agents to

Companies that provide professional advice and

Companies that are involved in the development

Organizations with a strong financial standing

Companies set up by the government, where the

Valuation carried out in collaboration with

Valuation carried out without any written law,

A valuation exercise instructed by a financial

A regulatory body established in 1981 under the

Professionals who have passed a professional

The process of determining the value of real

Appraisers Professionals registered under Part V of the Act

practice is restricted by geographical areas and

Currently, only registered valuers can practice as

Defined as the surface of the earth, substances

A document conferring legal right to ownership

The process of transferring ownership of land,

Documents regarding the title of alienated land

Documents regarding the title of alienated land

Land title registered in the Registrar's Office,

Land title registered in the Land Office, typically

Country land Land with an area less than 4 hectares.

Land that has been approved for transfer of

A title issued after the initial alienation of land

A title issued only after a final survey has been

Different categories of land titles issued by the

Freehold Interest Ownership of land for perpetuity.

Ownership of land for a specific term, such as

The approved use of the land, which can be